Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Up 3.1% – Here’s What Happened

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price was up 3.1% during trading on Monday . The company traded as high as $9.04 and last traded at $9.07. Approximately 527,247 shares were traded during trading, a decline of 89% from the average daily volume of 4,655,137 shares. The stock had previously closed at $8.79.

Analysts Set New Price Targets

GT has been the topic of a number of recent analyst reports. TD Cowen initiated coverage on Goodyear Tire & Rubber in a report on Friday, March 7th. They set a “buy” rating and a $14.00 target price on the stock. Argus upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Tuesday, February 18th. StockNews.com upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a report on Monday. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.78.

Goodyear Tire & Rubber Stock Performance

The firm has a market capitalization of $2.61 billion, a P/E ratio of 38.15 and a beta of 1.71. The stock has a fifty day moving average of $9.19 and a 200-day moving average of $9.06. The company has a quick ratio of 0.55, a current ratio of 1.04 and a debt-to-equity ratio of 1.30.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Thursday, February 13th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.29 by $0.10. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The business had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.91 billion. On average, research analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Truist Financial Corp grew its position in shares of Goodyear Tire & Rubber by 5.2% in the 4th quarter. Truist Financial Corp now owns 22,753 shares of the company’s stock valued at $205,000 after acquiring an additional 1,115 shares during the period. Barclays PLC grew its holdings in Goodyear Tire & Rubber by 158.6% during the third quarter. Barclays PLC now owns 975,634 shares of the company’s stock worth $8,635,000 after purchasing an additional 598,330 shares during the period. Geode Capital Management LLC increased its position in Goodyear Tire & Rubber by 1.2% during the third quarter. Geode Capital Management LLC now owns 7,053,829 shares of the company’s stock worth $62,438,000 after buying an additional 86,227 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Goodyear Tire & Rubber by 5.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,738,619 shares of the company’s stock valued at $33,648,000 after buying an additional 205,629 shares during the period. Finally, FMR LLC lifted its position in shares of Goodyear Tire & Rubber by 28.1% in the third quarter. FMR LLC now owns 842,822 shares of the company’s stock valued at $7,459,000 after buying an additional 184,770 shares during the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.